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Sanctions

The financial crisis has put into doubt whether financial market rules are always respected and applied as they should be across the Union. Ensuring proper application of EU rules is first and foremost the task of national authorities, who have the responsibility to prevent financial institutions from violating EU rules, and to sanction violations within their jurisdiction. But national authorities need to act in a coordinated and integrated way. Efficient and sufficiently convergent sanctioning regimes are the necessary corollary to the new European Supervisory Authorities which have been set up on 1 January 2011, and will bring about improvements in the coordination of national authorities' enforcement activities.

Commission Communication - Reinforcing sanctioning regimes in the financial sector (8 December 2010)

In this Communication, the Commission presented policy orientations on how to promote convergence and reinforcement of national sanctioning regimes in the financial services sector. The Communication envisages EU legislative actions to set EU minimum common standards on certain key issues of sanctioning regimes. Such standards are to be developed in the framework of common basic principles and adapted to the specifics of the different sectors and EU legislative acts in the financial services area. A public consultation was launched on the actions envisaged in the Communication. The contributions received and the feedback statement are published.

08.12.2010  Strengthening sanctions for violations of EU financial services rules: the way forward